There is, unfortunately, some confusion surrounding the financial position of the Town of North Hempstead.

As the senior appointed officials responsible for managing the budget for the town, we would like to set the record straight on three important points:

* For the first time in 15 years, the Town of North Hempstead has surpluses in its three major funds (General Fund, Part-Town Fund, Highway Fund) and the Solid Waste Management Authority. These surpluses collectively total $4,068,438. The existence of these surpluses has been certified in an audit by the independent accounting firm of Albrecht, Viggiano, Zureck & Company, P.C.

* On April 9, the Town of North Hempstead carried a bond rating increase (A3 to A2) from Moody's Investors Service, the leading Wall Street credit rating agency responsible for evaluating the financial position of municipalities. This bond rating increase will allow the town to save money in lower interest payments and reduced bond insurance premiums.

* While the town pays a large portion of its revenues to support debt service on town debt, a significant portion of that debt was incurred to turn a nonperforming asset, the intended incinerator site, into Harbor Links recreational facility, including an 18-hole golf course, 9-hole golf course, a miniature golf course, a driving range and four athletic fields. This recreational facility will be a source of enjoyment for present and future generations of North Hempstead residents. Just as importantly, it will generate an annual revenue stream benefiting every taxpayer in the town.

Any one of us would be happy to discuss these issues or other questions about the town's fiscal position. Please feel free to call us at the number listed below

Richard Tortora, Senior Vice President,
Evensen Dodge, Inc.,
1-(212) 946-2873

Michael P. Locorriere, Comptroller,
Town of North Hempstead, 869-7765

Arthur A. Gianelli, Director of Operations,
Town of North Hempstead, 869-7714